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$100,000
Min. Amount
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
BoeFly is a paid business loan marketplace that connects business owners with banks that offer loans starting at $100,000. It doesn’t fund business loans itself, but it can help business owners optimize their application and potentially increase their chance of approval.
It has over 5,000 banks in its network which offers a range of different types of funding, from SBA loans to franchise financing. You’ll have to pay $699 to for access to its lenders and automated features — and $1,499 if you want assistance from a BoeFly loan specialist.
Using BoeFly will cost a different amount depending on which plan you choose from: the self-service plan or the full-service plan.
Fee: $699 per loan
BoeFly advertises this plan for business owners who’ve been around the block and are comfortable applying for a loan themselves. BoeFly connects you with lenders, gives you feedback on your loan application, reviews your documents and provides basic customer support by phone.
Fee: $1,499 per loan
Business owners who are new to borrowing might want to take advantage of this plan. In addition to support offered under the self-service plan, you can access:
The loan itself will also come with interest and potentially fees, which vary depending on the bank you work with. But its partners only offer loans starting at $100,000 to use this service.
You don’t need to meet eligibility requirements to sign up for its services. But it works exclusively with banks, which tend to be picky. Typically you’ll need to meet the requirements to qualify for a loan through one of BoeFly’s partners.
The documents you’re required to submit to BoeFly generally depends on the plan you sign up for, your business type and the financing you’re looking for.
You might have to provide following documents when working on your application:
BoeFly works with over 5,000 banks — so most types of business loans are available. This includes your standard business term loan, government-backed SBA loans and commercial real estate loans. Its partners also offer special programs for franchises, including funding to cover the startup costs of a new franchise.
Signing up for BoeFly offers a lot of advantages, which is why it isn’t free. But the high price might not be worth it to some businesses.
Yes, BoeFly is a legitimate connection service — though remember, it’s not a lender. While it doesn’t disclose a list of its partners, banks face tighter federal and state regulations than other types of providers like online lenders. As for BoeFly itself, it takes steps to protect your information like using SSL encryption. And it doesn’t sell your information to third parties.
However, BoeFly also makes money from some partners, which can skew the banks you get connected with. Banks that pay a monthly fee of $99 or $250 get access to new borrower requests before lenders on BoeFly’s free plan. This means that you aren’t getting an unbiased recommendation.
BBB accredited | Yes |
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BBB rating | A+ |
BBB customer reviews | 3.67 out of 5 stars, based on 3 customer reviews |
Customer reviews verified as of | 15 October 2020 |
BoeFly barely has any customer reviews, but the few reviews are mostly positive. These customers primarily say they’re satisfied with the quality of support and the simplicity of BoeFly’s application process — but the negative review says that they received no status updates after submitting an application for a PPP loan.
Because it isn’t a direct lender, BoeFly doesn’t require you to meet any hard eligibility criteria. However, you’ll generally need to meet the following criteria to qualify for a loan with one of BoeFly’s partners:
BoeFly’s lenders can have additional eligibility requirements, depending on how long your business has been around.
Once your order is processed, BoeFly reaches out to guide you through next steps.
After you sign up, you can log into your account and get started on finding a lender by completing a loan request. BoeFly’s team will review it before sending it out to its partner lenders. Full-service members can also take advantage of the 1-on-1 assessment and loan packaging services.
If you have any questions about your application, reach out to the customer support line you received when you signed up.
That depends on the lender you’re connected with. Once you’re approved, BoeFly is out of the picture. Typically bank loans come with fixed monthly repayments. You can find the amount and when it’s due in your loan agreement.
If it’s an option, consider signing up for autopay. Keep track of your bank account and loan balance. If you notice anything off, reach out to your lender or loan servicer’s customer service team.
Check out our comprehensive guide to business loans to compare lenders and learn how business financing works.